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  1. 1. Technology M&A and Israel April 5, 2006
  2. 2. Technology M&A is Back! <ul><ul><li>Strategic acquirors have underinvested </li></ul></ul><ul><ul><li>Economic environment has stabilized </li></ul></ul><ul><ul><li>Financial buyers more active </li></ul></ul>Buyers Sellers <ul><ul><li>VC funding robust </li></ul></ul><ul><ul><li>IPO prospects still challenging </li></ul></ul>Increased M&A Activity
  3. 3. Venture Capital Investment Activity Has Stabilized US Technology Venture Investment Capital Raised by Sector Source: VentureSource.
  4. 4. Key Technology M&A Themes Consolidation Financial Buyouts For Sale by Prospectus Technology Time to Market
  5. 5. M&A Continues to be the Most Likely Exit Total US Technology IPO Activity Total US Technology M&A Activity Source: SDC.
  6. 6. “ It’s no exaggeration to say that the kind of innovation going on in Israel is critical to the future of the technology business ” Bill Gates – Microsoft “ Israel is important to our goal because it has historically been a hotbed of new raw technology and scientific developments ” Mathew Growney – Motorola Ventures “ [The Israelis] have a strong tradition of innovation in engineering and a strong technical tradition ” Ned Hooper – Cisco “ There are few places like Israel where one can find leading technologies in almost every field ” Y. Hasson – Senior Vice President Nokia Venture Partners “ Hey Kevin, Israel is hot, You gotta sponsor this breakfast” Gil Livnah Israel Plays a Key Role in the Global Tech Market
  7. 7. Why is Israel a Hotbed of Technology Government Support for R&D Culture Flourishing IPO and M&A Activities Highly Skilled Workforce Favorable Government Policy Well Represented Venture Community Entrepreneurial Culture Local R&D Centers of Leading Global Companies
  8. 8. Israeli VCs are Raising Capital Again Post Bubble Total Net Venture Capital Raised Largest Israeli Venture Capital Funds* Source: IVC Research Center *Ranked by capital raised 1992-2005
  9. 9. Israeli Companies Continue to Raise Capital for Growth Capital Raised by Israeli Companies Capital Raised by Sector Source: IVC Research Center
  10. 10. Leading Companies Also Have Invested in Israel
  11. 11. This Healthy Climate Results in Capital Market Opportunities Israeli Technology IPO Activity 2005 Israeli IPO Activity By Exchange Source: IVC Research Center
  12. 12. And M&A Activity is Coming Back Strong Israeli Technology M&A Activity Source: IVC Research Center Hot Israeli Company
  13. 13. Israeli M&A Activity Continues to Focus on Tech Infrastructure Source: Factset *Does not include US issuers. Security IT Automation Communication Semiconductor Internet <ul><li>NetApp / Decru </li></ul><ul><li>Verisign / SnapCentric </li></ul><ul><li>RSA / Cyota </li></ul><ul><li>Radware / Vsecure </li></ul><ul><li>BMC / Identify </li></ul><ul><li>Sun / Aduva </li></ul><ul><li>Cisco / Sheer Networks </li></ul><ul><li>Juniper / Kagoor </li></ul><ul><li>Alcatel / Native Networks </li></ul><ul><li>Cisco / P-Cube </li></ul><ul><li>Broadcom / Siliquent </li></ul><ul><li>Zoran / Oren Semi </li></ul><ul><li>Intel / Oplus </li></ul><ul><li>Agere / Modem ART </li></ul><ul><li>eBay / Shopping.com </li></ul><ul><li>Boston Comm / PureSight </li></ul>

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